If your domain portfolio is an out of control revenue eating monster or web development feels too much like a hyperactive sprint then you may be making one of these five domainer mistakes.
1. Development is a Good Alternative to Pay Per Click Revenue
Web development is an investment and not a monetization method comparable to domain parking. Domain parking is free (minus commissions) but web development carries upfront costs. Only develop your website if you have a solid business plan and are willing to do the work or hire someone to update the content. You cannot set it and forget it like you can with domain parking.
If you do develop, stick to a handful of your top domains and focus on those only before moving on to other development projects. It’s better to have one website producing revenue versus a hundred websites you don’t have time to update.
2. All the Good Domains Are Taken
It’s true valuable one word .com domains are taken but you also have trend domains, brandable domains, geographical domains, long tail domains and the list goes on. This goes hand in hand with learning what makes a domain valuable. Sometimes what makes a .com valuable can also apply to other extensions but this isn’t always the case.
It’s debatable whether .com is still king but other TLDs do sell. Just on DNJournal’s Year to Date sales chart there is TV.se that went for $265,149, 8.co went for $115,000 and many more examples of non .com sales.
3. I Need a lot of Domains in My Portfolio
The more domains you have the more renewal fees you have to pay out every year. Your revenue should at least cover your costs. Think quality not quantity. It’s better to have a small handful of domains people are willing to buy versus owning hundreds of domains nobody would touch even with their ugly sister.
4. I Read Some Articles. I’m Ready for Domaining!
Hold on, buddy! There is a lot more to domaining than meets the eye and most newcomers spend many weeks and a lot of money making mistakes that could easily be avoided by learning what works and what doesn’t. With domaining you want to dip your toes in the water, not dive in.
Start by reading as many blogs on Domaining.com as possible, ask questions on forums such as NamePros.com and DNForum.com, mingle with domainers on Facebook and read help sites such as iGoldRush.com. Learn what makes a domain valuable and why. See what domains sold for in the past. DNSalePrice.com is good for finding past and comparable name sales.
Decide what type of domains you want to invest in. It’s easier to stick to what you know so for now decide on about 5-20 domains that relate to a topic you know a lot about. You can do a mix of hand registration plus marketplaces such as SEDO, Flippa, etc to practice purchasing domains from other domainers.
You’ll also need to decide how you want to monetize by flipping, holding on to them long term, domain parking, developing, etc.
5. I Need a Domain Broker
No you don’t. If you did you wouldn’t be seeking out brokers on domain forums. You would know who they are, how to contact and what domains they consider brokering because that means you did your homework. And until you do your homework you likely don’t need a domain broker.
What are other domainer mistakes not listed here? Leave your advice in the comments.